Medical 24 Limited - Limited company accounts 16.3

REGISTERED NUMBER: 08705888 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2016

for

Medical 24 Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Profit and Loss Account

6

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

DIRECTORS:

K Coyle

C Coyle

D Harrington

N Poturicich

C Safapour

Ms A L Cooper

SECRETARY:

C Coyle

REGISTERED OFFICE:

Hygeia House

66-68 College Road

Harrow

Middlesex

HA1 1BE

REGISTERED NUMBER:

08705888 (England and Wales)

AUDITORS:

SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

The directors present their strategic report for the year ended 30 September 2016.

REVIEW OF BUSINESS

The Directors consider that the profit achieved on ordinary activities before taxation to be satisfactory. The downturn in

turnover on prior years is due to changes within the healthcare sector and the NHS.

2016 2015 2014

Turnover £3,314,016 £ 8,012,542 £2,212,165

Turnover growth (£4,698,526) £5,800,377 £2,212,165

Gross profit margin 31% 30% 30%

Profit before tax 12% 16% 16%

PRINCIPAL RISKS AND UNCERTAINTIES

Medical 24 Limited had a satisfactory year and continue to supply staff to the healthcare sector. Due to the current

economic conditions the Directors are aware of the need to monitor costs and have put policies in place to maintain

stability and the profitability of the business.

It is not considered necessary for an understanding of the development, performance or position of the company's

business to comment here on environmental matters, the entity's employees or social, community and human rights

issues. However, the company is very much aware and respectful of such matters and takes them in to account when

planning and implementing business policy and procedures.

ON BEHALF OF THE BOARD:

D Harrington - Director

26 April 2017

The directors present their report with the financial statements of the company for the year ended 30 September 2016.

DIVIDENDS

No interim dividends were paid during the year ended 30 September 2016.

The directors recommend final dividends per share as follows:

Ordinary £1 shares

£7,526

A Ordinary £1 shares

NIL

The total distribution of dividends for the year ended 30 September 2016 will be £ 752,680 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2015 to the date of this

report.

K Coyle

C Coyle

D Harrington

N Poturicich

C Safapour

Other changes in directors holding office are as follows:

Ms A L Cooper - appointed 1 October 2015

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

company's auditors are aware of that information.

AUDITORS

The auditors, SHERIDAN CLARKE LTD, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

D Harrington - Director

26 April 2017

We have audited the financial statements of Medical 24 Limited for the year ended 30 September 2016 on pages six to

thirteen. The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and

have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Strategic Report and the Report of the Directors to identify material inconsistencies with

the audited financial statements and to identify any information that is apparently materially incorrect based on, or

materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of

any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2016 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Strategic Report and the Report of the Directors for the financial year for

which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Ms Anna Clarke (Senior Statutory Auditor)

for and on behalf of SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

26 April 2017

TURNOVER

3,314,016

8,012,542

Cost of sales

2,369,869

5,624,916

GROSS PROFIT

944,147

2,387,626

Administrative expenses

563,251

1,062,346

OPERATING PROFIT

3

380,896

1,325,280

Interest receivable and similar income

1,979

-

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

382,875

1,325,280

Tax on profit on ordinary activities

4

76,879

272,277

PROFIT FOR THE FINANCIAL YEAR

305,996

1,053,003

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the current year or previous year.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the profits for the current year or previous year.

FIXED ASSETS

Tangible assets

6

3,273

4,364

CURRENT ASSETS

Debtors

7

242,315

753,279

Prepayments and accrued income

4,117

-

Cash at bank

332,579

690,315

579,011

1,443,594

CREDITORS

Amounts falling due within one year

8

54,243

473,233

NET CURRENT ASSETS

524,768

970,361

TOTAL ASSETS LESS CURRENT
LIABILITIES

528,041

974,725

CAPITAL AND RESERVES

Called up share capital

9

140

Profit and loss account

10

527,901

974,585

SHAREHOLDERS' FUNDS

12

528,041

974,725

The financial statements were approved by the Board of Directors on 26 April 2017 and were signed on its behalf by:

D Harrington - Director

Net cash inflow

from operating activities

1

742,121

1,179,205

Returns on investments and

servicing of finance

2

1,979

-

Taxation

(349,156

)

(81,097

)

Equity dividends paid

(752,680

)

(366,869

)

(357,736

)

731,239

Financing

2

-

40

(Decrease)/increase in cash in the period

(357,736

)

731,279

Reconciliation of net cash flow

to movement in net funds

3

(Decrease)/increase in cash in the period

(357,736

)

731,279

Change in net funds resulting

from cash flows

(357,736

)

731,279

Movement in net funds in the period

(357,736

)

731,279

Net funds/(debt) at 1 October

690,315

(40,964

)

Net funds at 30 September

332,579

690,315

1.	RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES

30.9.16

30.9.15

£

Operating profit

380,896

1,325,280

Depreciation charges

1,091

1,451

Decrease/(increase) in debtors

506,847

(200,746

)

(Decrease)/increase in creditors

(146,713

)

53,220

Net cash inflow from operating activities

742,121

1,179,205

2.	ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT

30.9.16

30.9.15

£

Returns on investments and servicing of finance

Interest received

1,979

-

Net cash inflow for returns on investments and servicing of finance

1,979

-

Financing

Share issue

-

40

Net cash inflow from financing

-

40

3.	ANALYSIS OF CHANGES IN NET FUNDS

At

1.10.15

Cash flow

30.9.16

£

Net cash:

Cash at bank

690,315

(357,736

)

332,579

690,315

(357,736

)

332,579

Total

690,315

(357,736

)

332,579

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and are in accordance with

applicable accounting standards.

Turnover

Turnover comprises the invoiced value of services supplied by the company, all revenue is recognised in the

Financial Statements as soon as the service has been supplied.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Taxation

Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and

laws enacted by the Balance Sheet date.

Deferred tax is only provided for when material. The Director's have decided that deferred tax is not material this

year, as was the case last year.

2.	STAFF COSTS

30.9.16

30.9.15

£

Wages and salaries

382,636

801,709

Social security costs

41,358

94,551

423,994

896,260

The average monthly number of employees during the year was as follows:

30.9.16

30.9.15

Administration

3

Sales

3

10

6

13

3.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.16

30.9.15

£

Depreciation - owned assets

1,091

1,451

Auditors' remuneration

4,800

5,000

Directors' remuneration

190,388

261,880

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

30.9.16

30.9.15

£

Current tax:

UK corporation tax

76,879

272,277

Tax on profit on ordinary activities

76,879

272,277

Factors affecting the tax charge

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

30.9.16

30.9.15

£

Profit on ordinary activities before tax

382,875

1,325,280

Profit on ordinary activities

multiplied by the standard rate of corporation tax

in the UK of 20% (2015 - 20.500%)

76,575

271,682

Effects of:

Expenses not deductible for tax purposes

304

315

Depreciation in excess of capital allowances

-

280

Current tax charge

76,879

272,277

5.

DIVIDENDS

30.9.16

30.9.15

£

Ordinary shares of £1 each

Final

752,680

366,869

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2015

and 30 September 2016

7,753

DEPRECIATION

At 1 October 2015

3,389

Charge for year

1,091

At 30 September 2016

4,480

NET BOOK VALUE

At 30 September 2016

3,273

At 30 September 2015

4,364

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.16

30.9.15

£

Trade debtors

183,054

753,139

Other debtors

140

Tax overpaid

59,121

-

242,315

753,279

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.16

30.9.15

£

Trade creditors

208

4,857

Tax

-

272,277

Social security and other taxes

3,502

24,923

Other creditors

45,733

159,134

Accrued expenses

4,800

12,042

54,243

473,233

See note 11 for details regarding Related Parties in Other creditors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

40

A Ordinary

£1

40

Allotted and issued:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

100

Share capital 1

£1

100

10.

RESERVES

Profit

and loss

account

£

At 1 October 2015

974,585

Profit for the year

305,996

Dividends

(752,680

)

At 30 September 2016

527,901

11.	RELATED PARTY DISCLOSURES

K. Coyle, C. Coyle, D. Harrington, N. Poturicich, C. Safapour and A. Cooper are also Directors of Mayday

Healthcare Plc, Mayday Direct 24 Plc, Plan B Healthcare Plc, VIP Nursing Limited and Pro Health 24 Limited.

Further, K. Coyle, D. Harrington and A. Cooper are also Directors of Coyle Personnel Plc. At the year end, the

company owed Coyle Personnel Plc £nil, 2015 £ 1,042 and Mayday Healthcare Plc £2,390, 2015

£ 577 for services supplied, these amounts have now been paid.

No trading has been carried out between any of the Related Parties. Kevin Coyle holds the controlling interest in

the company by virtue of ownership of 80% of the shares, his son Christopher owns the remaining 20%. All

dividends were paid to shareholder Directors.

12.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

30.9.16

30.9.15

£

Profit for the financial year

305,996

1,053,003

Dividends

(752,680

)

(366,869

)

New share capital subscribed

-

40

Net (reduction)/addition to shareholders' funds

(446,684

)

686,174

Opening shareholders' funds

974,725

288,551

Closing shareholders' funds

528,041

974,725